The Battle Between Bitcoin Cash ABC and Bitcoin Cash SV in the Bitcoin Cash Fork
Who will win between Bitcoin Cash ABC and Bitcoin Cash SV?
On August 16, 2018, news of the Bitcoin Cash SV network's activation surfaced on the internet. It was announced by nChain, whose founder is Craig Wright, who claims to be Satoshi Nakamoto under a pseudonym. Nobody knows for sure if it's true or not. CalvinAyre, Bitcoin.org, and Coingeek are all supporters of this protocol. The term "reformers" or "innovators" is used to describe them.
On August 20, Bitcoin ABC deployed its full node, which consisted of 2/3 BCH nodes, a few days later. They're also known as the "conservative wing," which is eager to defend the network against major changes. Roger Ver is their leader. It's no surprise that they support established network architecture and oppose major improvements. However, their plan does not rule out the prospect of more network upgrades, with the primary goal of lowering transaction rates.
Bitmain, the world's first ASIC hardware manufacturer, is a supporter of BCH ABC. It's the most energy-efficient Bitcoin miner right now. It's also backed by a slew of reputable global exchanges, including Binance and Coinbase.
Let's look at the distinctions between the two forks, as well as whether there are any neutral parties besides the two primary leaders.
The Most Significant Differences Between the Two Key Competitors
There are a few key distinctions between the two competitors.
The first distinction between the "conservative side" and the "innovators" is that Bitcoin SV follows a novel opcode.
The "innovators" propose changing the original protocol as well as the initial structure of the BCH network.
The "conservatives," on the other hand, plan to develop a new opcode that will allow users to create cross-chain atomic contracts and oracles. Their primary goal is to safeguard the network from spam while also lowering prices for common transactions. Furthermore, one of the key divisions of labour is to reduce transaction sizes to 100 bytes, thereby safeguarding the network from Merkle tree assaults.
Craig Wright, on the other hand, claimed that he wished to reduce the overall quantity of non-cash transactions because, in his opinion, currency is the network's primary priority.
Transaction Ordering in Canonical Form
BCH SV opponents propose Canonical Transaction Ordering, which reduces the amount of data that must be transferred between nodes. In the future, a new method of data transfer will boost blockchain scalability. The Topological Transaction Ordering Rule was the earlier model of the BCH network.
Consider the following advantages of the Canonical Transaction Ordering Rule over the previous model, as determined by Jonathan Toomim's research:
The efficiency of block emission is higher.
It's now easier to add a new transaction to a block, and producing new blocks is more efficient thanks to the software.
The level of protection against attacks has been raised.
It is feasible to have opt-in locality between network participants.
The primary distinction between BCH ABC and BCH SV is
The size of the block is the biggest difference between the two rivals. The "innovators" propose completely rewriting the Bitcoin Cash network's protocols and increasing block size from 32 MB to 128 MB. This will have a favourable influence on both network capacity and blockchain scalability. BCH ABC, on the other hand, adheres to the regular Bitcoin Cash block size, claiming that it is now the most sensible limit.
The Bitcoin Cash ABC team aspires to develop "sound money" that everyone can use anywhere in the globe. The team is eager to provide miners, users, and investors with the most convenient and useful payment network possible.
ABC of Bitcoin Cash
Roger Ver is the founder of Bitcoin Cash SV.
Craig Wright is a writer and a musician (a founder of nChain)
BTC.com, Antpool, and ViaBTC are some of the pools available.
Who is on your side?
Binance, Coinbase, and Bitmain are all cryptocurrency exchanges.
The appearance's date
32 MB 128 MB block size
Cross-chain atomic contracts and oracles are upgraded. The Canonical Transaction Ordering Rule proposes a new opcode, as well as a revision to the original protocol and initial BCH network layout.
Other names for this group include "conservative wing," "reformers," and "innovators."
Those who support the Neutral Position
Between the two rivals, there is also a neutral party. Bitcoin Unlimited, who offers a different technique for splitting, holds this impartial position. It has offered to switch both new networks, effectively denying miners the ability to generate blocks.
Cobra Bitcoin is another supporter of the neutral attitude. Because of their suggested improvements to the BTC white paper and upgrade to the original BTC consensus protocol PoW, they were popular among crypto enthusiasts. The team pushed for the adjustments by emphasising the need for further decentralisation. By providing a way to prevent a fork, the team hoped to build a reputation. Cobra justified their decision by citing the risk of harming the price and status of BCH.
Mining Pools Have Decided to Join Which Network?
It's critical to understand which blockchain mining pools you should join. Bitcoin Cash's largest pool, Coingeek, is backing an innovative solution called Bitcoin SV. It is one of the project's sponsors. CalvinAyre and Bitcoin.org are two additional significant news outlets that endorse the new protocol, according to Applicature.
DISTRIBUTION OF BITCOIN CASH MINING (Aug. 2018)
BTC. com & Antpool (belong to Bitmain and oppose nChain) CoinGeek (supports nChain's Bitcoin SV)
19.2 percent, 29.3 percent, 29.3 percent, 29.3 percent, 29.
51.5 percent of the string
29 BTC CoinGeek (supports nChain's Bitcoin SV) & Antpool (belong to Bitmain and oppose nChain)
Other mining pools, on the other hand, prefer “conservatives.” Jihan Wu, the founder of Bitmain, is a pioneer in this division, as he controls mining pools like as BTC.com and Antpool. He's referred to his opponent as a "fake Satoshi." ViaBTC, a Bitmain-sponsored pool, has also joined the group.
Vitalik Buterin's favourite team
Vitalik Buterin is a supporter of the "conservatives" and deems nChain's founder a "fraud." He also emphasised on Twitter that in order to avoid a split, the BCH community should not allow Craig Wright to have the upper hand. On the contrary, he has indicated that it is an opportunity to stand up to him.
Craig Wright and Haipo Yang, the CEO of ViaBTC, got into a spat over block size. Haipo Yang proposed reducing the time it takes to generate a new block to one minute, whereas his opponent favoured preserving the current length of ten minutes. According to Haipo Yang, 1 minute is more accessible and protects the network from DDOS attacks.
Nobody knows the precise hash rate achieved by each pool. Coingeek, on the other hand, obtains a hash rate of roughly 27-29 percent. AntPool, ViaBTC, and BTC.com are among the pools that range from 16 to 21%. The remaining 30% is managed by unidentified pools.
Which Team Won the Battle?
On November 15, 2018, miners who support both protocols began a competition. The Bitcoin.com pool created the first block in the ABC network. It grew to a height of 556767 feet. Later, on a different network, the first SV block was created. It also reached a high of 556767. Two new blockchains were generated in this method.
The co-founder of Bitmain put his extra mining power into the ABC block's win. He speculated that the price of BTC may have dropped as low as $5,000 US due to the BTC network's hash rate being borrowed, but that if nChain opted to compete, he was prepared to fight to the end.
The founder of Bitcoin.com claimed that he will likewise use his hashing power to move it from the BTC network to the BCH network. On Twitter, Craig Wright declared that he would continue mining until the strongest side emerged victorious.
The Hashrate Hashrate Hashrate Hashrate Hashrate Hashrate
Between November 10 and November 17, the hashrate of BCH climbed from 9.54 percent to 15.43 percent. This hashrate accounted for a large portion of the hard fork competition. As a result, Bitcoin's hash rate declined by 7% over that time, from 90.46 percent to 84.57 percent. This revealed that Bitcoin was used to borrow a considerable portion of the hashrate. It caused a drop in the price of Bitcoin and destabilised the market.
BTC hashrate vs. BCH hashrate
Following that, many exchanges halted BCH trading and withdrawals.
The struggle would go on until someone died, according to Nchain's founder. In November 2018, Bitcoin Cash ABC won the race for two blocks.
Bitcoin Cash ABC and Bitcoin Cash SV are two different types of Bitcoin Cash.
The hash rate of both networks is nearly equal, as shown in this graph. Bitcoin Cash ABC, on the other hand, had a Proof-of-Work that was half that of its competitor's network.
Bitcoin Cash Network Hash Rates
The Behance exchange began trading on both pairings on November 16 after evenly distributing both new cryptocurrency to its customers. BCHABC/USDT and BCHABC/USDT were trading at $287 and $123.62, respectively, at the time.
BCH ABC was given the ticker "BCH" by a large number of exchanges after a few days. The hard fork emerged victorious in the conflict. Their competitor's stock was still listed as BCHSV.
A Bitcoin Cash hard fork war broke out in August between two prominent rivals: BCH ABC and BCH SV. Roger Ver leads the first faction, which is also known as "conservatives." They adhere to the Canonical Transaction Ordering rule and the standard BTC protocol structure. Bitcoin Cash SV, led by nChain, was their main rival. They planned to make major changes to the network. In November 2018, Bitcoin Cash ABC was declared the winner of the race for two blocks.